The Federal Government on Wednesday in Abuja banned any direct purchase of farm produce involving indigenous farmers and foreign nationals. The new regulation which is to ensure that Nigerian farmers are not shortchanged now mandates all foreign nationals to go through licensed local buying agents to do business with the farmers.

The Minister of Trade and Investment, Niyi Adebayo, disclosed this to State House correspondents shortly after the weekly virtual Federal Executive Council meeting presided over by Vice President Yemi Osinbajo at the council chambers of the Presidential Villa, Abuja.

According to him, the Federal Government has okayed appropriate mechanisms to ensure competitive prices for commodities of indigenous farmers in a bid to protect them from exploitation and also ensure that they have the appropriate incentives to guarantee their continued participation in their trade.

Adebayo said he presented two memos on behalf of his ministry; one of which was for the promotion of agribusiness in Nigeria through the right farm gate pricing and ban on foreign nationals and their representatives from purchasing agricultural commodities at the farm gates.